insights
Preparing for retirement
Diversification isn’t just important while you are saving for retirement, having multiple sources of income can help create a more secure retirement. We can help you explore ways to replace your paycheck by turning your savings into monthly income for life.
Replacing Your Salary in Retirement
Transcript
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Replacing your salary in retirement
You’ve spent years working and saving. When you retire, wouldn’t it be nice to let your savings replace your salary?
With some careful consideration, you can create a plan to pay yourself with retirement income that will last as long as you live.
Imagine the life you’d like in retirement. You might spend your time gardening in your backyard or visiting places you’ve always dreamed about.
Also consider your expenses. There are the everyday necessities like housing, and ongoing healthcare. Plus extras like traveling, hobbies, and unexpected expenses.
Now, consider what money you’ll use to pay those expenses … maybe Social Security, your retirement savings, or a pension if you have one.
Finally, what about those other financial challenges, like a market downturn, a health crisis, and even just rising costs from inflation? You may want to consider these and other factors.
With so much to balance, consider how you can tap into different sources of income that can help manage those risks.
A fixed annuity can help. It’s not impacted by the stock market, and guarantees steady income for the rest of your life. That’s money you can count on to help cover your everyday necessities.
Another option is a variable annuity. It offers a lifetime income option with the potential for growth. This may help you pay for those extras and could keep pace with rising costs.
Other options that offer growth potential and flexibility include mutual funds and stocks. These can help add to a diversified investment mix.
TIAA can help you evaluate your income sources and create a personalized solution to help you enjoy the retirement you want.
You’ve spent years working and saving. When you retire, wouldn’t it be nice to let your savings replace your salary?
With some careful consideration, you can create a plan to pay yourself with retirement income that will last as long as you live.
Imagine the life you’d like in retirement. You might spend your time gardening in your backyard or visiting places you’ve always dreamed about.
Also consider your expenses. There are the everyday necessities like housing, and ongoing healthcare. Plus extras like traveling, hobbies, and unexpected expenses.
Now, consider what money you’ll use to pay those expenses … maybe Social Security, your retirement savings, or a pension if you have one.
Finally, what about those other financial challenges, like a market downturn, a health crisis, and even just rising costs from inflation? You may want to consider these and other factors.
With so much to balance, consider how you can tap into different sources of income that can help manage those risks.
A fixed annuity can help. It’s not impacted by the stock market, and guarantees steady income for the rest of your life. That’s money you can count on to help cover your everyday necessities.
Another option is a variable annuity. It offers a lifetime income option with the potential for growth. This may help you pay for those extras and could keep pace with rising costs.
Other options that offer growth potential and flexibility include mutual funds and stocks. These can help add to a diversified investment mix.
TIAA can help you evaluate your income sources and create a personalized solution to help you enjoy the retirement you want.
How to Prepare
Preparing for a conversation about your income plan
Put yourself in a retirement frame of mind
Understand the unique challenges in retirement
Brush up on Social Security and Medicare
Learn about annuity options
Income planning
Building a diversified income plan
Wondering how you’ll replace your income when you retire and if you’ll have enough to last for as long as you live? The resources below can help you start planning.
Choosing your options
Explore the different income options available with your TIAA retirement plan.
Resources
Explore financial and lifestyle topics in-depth
To help you hone your skills, we created these deep-dives on some key retirement topics.
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Retirement is the time to get serious about managing your finances. - Financial Intelligence
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- How long will my nest egg last?
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INCOME PROFILES
See how people like you did it
We created profiles based on the experiences of real people to showcase different types of retirement considerations.
The long-term planners
Al & Sarah
Stable financial situation, conservative, long-term planners who are nearing retirement.
Conservative & semi-retired
Pam & John
Financially stable, conservative, long-term planners who are semi-retired.
The moderate risk taker
Danielle
Retired, financially stable, moderate-aggressive risk taker.
Nervous Nellies
Clara & Eduardo
Nearing retirement, financially stable, nervous about market volatility.
The aggressive risk takers
Frank & Pete
Nearing retirement, financially limited, aggressive risk takers.
Next Steps
Consider getting started
Ready to Retire?
Your retirement plan has options that can provide income that’s guaranteed for life.
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